Service tax on residential property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 March 2014
Renting of residential property is exempt from service tax. But if an assessee has 3 properties in which he has let out 2 properties for commercial purpose and receives a rent of 4 lakhs each i.e 8 lakhs in total and the 3rd property is let out for residential purpose for a rent of Rs. 11,00,000. Will he have to collect service Tax. If yes then on what amount.
Nikhil Kaushik
(Expert)
07 March 2014
no...rental from property let out for residential purpose wont be added to the taxable service turnover. in this case no service tax liability should arise against you.
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